Oram Court HOA

Oram Court Collection Policy

OCHOA Collection Policy

The following represents the collection policy of Oram Court Homeowners Association (the “Association”) adopted by the Board of Directors of the Association at the annual meeting, January 27th 2014, and emailed to association members on January 29th 2014. 

Oram courts collection policy generally sets forth the procedures that the Association will follow in connection with efforts to collect past-due assessments and other amounts owed to the Association by homeowners.

This collection policy will become effective on March 1, 2014, and will supercede any and all other collection policies currently in place.

1. Monthly assessments (dues) are due on the first (1st) day of each month, and are considered late if received after the fifteenth (15th) day of the month.

2. Special assessments shall be due on or before the first (1st) day of each month, and are considered late if received after 5PM the fifteenth (15th) day of the month.

3. Failure to pay monthly and/or special assessments on or before the fifteenth (15th) day of each month shall result in the imposition and assessment of a late charge in the amount of Thirty and No/100 Dollars ($30.00). 

4. Should any monthly assessment and/or special assessment remain past-due for thirty (30) days, an additional late fee of Fifteen and No/100 Dollars will be assessed ($45) and will be added to the balance.  Should any monthly assessment, late fee assessment, and/or special assessment remain past-due for sixty (60) days, an additional late fee of Sixty and No/100 Dollars will be assessed ($60) and added to the balance.  Should any monthly assessment, late fee assessment, and/or special assessment remain past-sue for ninety (90) days, an additional late fee of Seventy-five and No/100 Dollars will be assessed ($75) and added to the balance. 

After Ninety (90) Days the Association may, but is not required to, proceed with preparing a written notice (i.e., a lien) setting forth the amount of such unpaid indebtedness, the name of the homeowner, and the condominium unit at issue, and may record such written notice in the Office of the Clerk and Recorder of Dallas County, Texas.

5. The homeowner is required to pay all costs associated with collections.  Should the Association be required to engage the services of an attorney to pursue the collection of any past-due monthly assessments and/or special assessments, the homeowner shall be required to pay all reasonable attorney's fees incurred by the Association.

Please note, however, that this collection policy is not intended to, and does not, limit and/or waive any and all rights of the Association as provided under law and/or the Condominium Declaration pertaining to the Association, all such rights being expressly reserved.

The Board of Directors further reserves the right to adopt changes and/or revisions to the Association's collection policy from time to time.